Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Drops By 31.7%

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the target of a significant decline in short interest during the month of February. As of February 15th, there was short interest totalling 90,900 shares, a decline of 31.7% from the January 31st total of 133,000 shares. Based on an average daily volume of 91,300 shares, the days-to-cover ratio is currently 1.0 days.

Analysts Set New Price Targets

Separately, Stephens reiterated an "overweight" rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a report on Friday, January 24th.

Covenant Logistics Group Price Performance

Shares of CVLG stock traded down $0.03 during trading hours on Monday, hitting $25.14. 91,946 shares of the company's stock were exchanged, compared to its average volume of 98,164. The company has a market capitalization of $662.67 million, a PE ratio of 19.41 and a beta of 1.40. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. Covenant Logistics Group has a 12-month low of $21.51 and a 12-month high of $30.77. The business's 50 day simple moving average is $27.61 and its 200-day simple moving average is $27.27.

Covenant Logistics Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Covenant Logistics Group's previous quarterly dividend of $0.06. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.71%.

Insider Buying and Selling at Covenant Logistics Group

In other news, CAO Matisse Long sold 2,114 shares of the firm's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the sale, the chief accounting officer now owns 15,434 shares in the company, valued at approximately $446,814.30. This trade represents a 12.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 36.50% of the stock is currently owned by company insiders.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently added to or reduced their stakes in CVLG. FMR LLC increased its holdings in shares of Covenant Logistics Group by 3,423.0% in the third quarter. FMR LLC now owns 46,151 shares of the company's stock worth $2,439,000 after buying an additional 44,841 shares during the period. Victory Capital Management Inc. lifted its position in Covenant Logistics Group by 74.9% in the third quarter. Victory Capital Management Inc. now owns 35,314 shares of the company's stock valued at $1,866,000 after purchasing an additional 15,128 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Covenant Logistics Group by 24.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company's stock valued at $5,793,000 after purchasing an additional 21,401 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Covenant Logistics Group during the third quarter valued at approximately $477,000. Finally, Stephens Inc. AR purchased a new position in shares of Covenant Logistics Group in the third quarter worth $468,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

About Covenant Logistics Group

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.